Wolfspeed’s QQ2 2025 quarter delivered a revenue of $180.5 million, marking a year-over-year decline of 13.4% and a quarter-over-quarter decline of 7.3%. The company posted a substantial net loss of $372.2 million and negative EBITDA of $225.1 million, with operating income of $-323.0 million and a net income margin of -2.06%. Gross profit was negative at $-37.2 million, translating to a gross margin of -20.61%. The quarter was characterized by meaningful operating expense dispersion (R&D $44.4m, SG&A $51.1m, other expenses $190.3m) and an elevated interest burden ($80.5m). Free cash flow amounted to $(598.1) million, and operating cash flow was $(195.1) million. The balance sheet shows a substantial asset base (total assets $7.74B) but a very high debt load (long-term debt $6.57B; total debt $6.58B) relative to equity ($0.373B) and negative near-term profitability. Liquidity remains adequate on a near-term basis (current ratio 3.15; quick ratio 2.47), yet profitability and cash generation remain the dominant overhangs. The market remains exposed to macro cyclicality in semiconductors and the structural transition toward silicon carbide (SiC) power devices, where Wolfspeed holds a leadership position, albeit at significant near-term capital intensity and cost headwinds. The lack of an earnings call transcript in the provided data limits management-specific quote attribution; accordingly, the analysis relies on disclosed financials and the implied commentary from the quarter’s results.